eTrade 2002 Annual Report Download - page 18
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and approval by the Bank’ s board of directors. Each month, we review the allowance for adequacy, based on our assessment of the risk in our
loan portfolio as a whole, considering the following factors:
•
the composition and quality of the portfolio;
•
delinquency levels and trends;
•
expected losses for the next twelve months;
•
current charge-off and loss experience;
•
current industry charge-off and loss experience;
•
the condition of the real estate market and geographic concentrations within the loan portfolio; and
•
current general economic and market conditions.
We recorded a net increase of $7.8 million in the allowance for loan losses from December 31, 2001 to December 31, 2002. The increase
resulted from the addition of a $14.4 million allowance acquired from the purchase of Ganis, a provision of $14.7 million, offset by net
charge-offs of $21.3 million. As of December31, 2002, the total allowance for loan losses was $27.7 million, of which $166,100 represented
reserves established
9
2003. EDGAR Online, Inc.